POET Technologies: Short Sellers Cry Wolf as Marvell Connection Fuels 110% Rally

POET Technologies shares rocket 111% after a short-seller attack backfires, while Marvell's acquisition of Celestial AI deepens supply ties and fuels speculative frenzy.

The battle lines are drawn around POET Technologies, and the action is anything but subtle. In a single week, the optical interconnect specialist saw its share price rocket 111%, hitting a new 2025 high of €12.86 on Friday. The stock now trades roughly 120% above its 50-day moving average — a gap that signals speculative mania rather than organic growth.

The Short Attack That Backfired

Wolfpack Research launched a blistering assault on the company, branding it a pure equity promotion. The short seller’s central allegation: POET risks classification as a passive foreign investment company, which would trigger a tax nightmare for US shareholders. The warning was meant to spook the market. Instead, it ignited a buying frenzy.

Management pushed back hard. CFO Thomas Mika outlined a radical countermeasure: moving POET’s corporate domicile to the United States. Shareholders will vote on the relocation in June. If approved, the tax threat evaporates entirely — and with it, the short sellers’ strongest argument.

The Marvell Catalyst That Keeps Giving

While the short attack dominated headlines, a far more consequential development was unfolding in the background. Marvell Technology acquired Celestial AI in December for $3.25 billion. Celestial AI has been a POET customer since 2022, buying Blazar light sources for its photonic interconnects. That relationship didn’t end with the takeover — it deepened.

Mika confirmed that the supply arrangement continues, with deliveries set to begin next quarter. Management had previously flagged an order worth roughly $5 million for 2026, but the buyer confirmation opens the door to larger volumes. Mika also revealed ongoing negotiations with Foxconn and Luxshare for additional supply contracts.

Retail traders on Stocktwits have spun the story further. When Marvell bought Celestial AI, it granted Amazon warrants to acquire Marvell shares if it purchases photonic products through 2030. Since Marvell supplies networking hardware to hyperscalers and Nvidia, investors speculate POET’s technology could find its way into those data centers. Reuters added fuel by reporting that Google is in talks with Marvell about two new AI chips.

The Numbers Tell a Different Story

The valuation gap is staggering. POET reported fourth-quarter 2025 revenue of just $341,000 and a net loss of $42.7 million. The price-to-sales ratio stands at a breathtaking 1,358. That’s not a valuation — it’s a bet on the future.

The company does have ammunition. Cash reserves total $430 million, earmarked for building production capacity in Malaysia. The long-term target is ambitious: a total addressable market projected to exceed $33 billion over the next decade, with POET aiming to ship more than 30,000 optical units by 2026.

On the partnership front, development projects with Lessengers and LITEON Technology are underway. Prototypes are expected by late 2026, with mass production unlikely before 2027.

What Comes Next

The June shareholder vote on the US relocation is the next major inflection point. A positive outcome would neutralize the short sellers’ primary weapon. Until then, the stock remains a battlefield between early-stage fundamentals and extreme market expectations.

The Marvell connection provides a tangible revenue path, but the volumes remain undisclosed. Whether that relationship — or the speculative Amazon and Google narratives — can justify the current market cap is a question only time, and order books, will answer.